Monday at 10: 30 p. m. ET, consumers, import-dependent Asian economies and energy traders faced immediate pain as the prix baril pétrole jumped sharply during the second week of war in the Middle East; President Donald Trump called the rise “a small price to pay for the peace and security of the United States and the world. ”
Prix Baril Pétrole Pushes U. S. Pump Prices Higher and Lengthens Lines Abroad
U. S. motorists saw the average price for a gallon of regular gasoline reach $3. 48 on Monday morning, an increase of about $0. 50 from the prior week. Long lines formed at service stations across parts of Southeast Asia as the spike in crude pushed fuel availability and retail pump pricing into the spotlight, and commentators warned that higher transport costs are already filtering into grocery and food distribution chains.
West Texas Intermediate, Brent and Ormuz Disruption Drove the Spike
The immediate market move was led by the West Texas Intermediate benchmark, which climbed 30. 04% to $118. 21 a barrel at 10: 30 p. m. ET, while Brent rose 27. 54% to $118. 22 a barrel. Traders tied the surge to the prolongation of the conflict and a near-paralysis of shipping through the Strait of Hormuz, the corridor that handles roughly 20% of global oil and LNG flows, with several Gulf producers reporting reduced exports and infrastructure attacks in the region.
Nikkei and Other Asian Indexes Slumped as Energy Shock Spread
Equity markets in Asia reacted sharply: by 10: 30 p. m. ET the Nikkei had fallen 6. 97% to 51, 740 points, the Kospi lost 6. 61%, Taipei dropped 5. 70%, Sydney slid 3. 67% and Hong Kong’s Hang Seng fell 2. 87%. The rout reflected concern that higher energy costs and disrupted supply lines would slow economic activity across import-reliant Asian economies.
Still, policy and industry responses were already in motion: a U. S. development finance agency announced a reinsurance mechanism to ease risks tied to passage through the Strait of Hormuz, with capacity up to $20 billion to help cover transit-related exposures.
Yet, the market moves were exceptionally large in historical terms: since the start of the U. S. -Israel offensive against Iran, the West Texas Intermediate benchmark had appreciated roughly 70% over a very short period, a pace market observers described as unprecedented compared with recent major disruptions.
Some analysts noted earlier intraday highs that briefly approached $120 a barrel—Brent climbed to $119. 50 and WTI to $119. 48 at points before moderating—while other price prints later slid back nearer to $105–$102 in follow-up trading, underscoring extreme volatility around the conflict-driven supply fears.
Across the Middle East, producers cited attacks and production cuts: Iraq, Kuwait and the United Arab Emirates reduced output, with Iraq alone announcing a decline of about 3 million barrels per day in its exports. Saudi air defenses intercepted drones near the Shaybah field, and facilities in the region were targeted by strikes attributed to multiple combatants in the fighting, deepening immediate concerns about sustained supply loss.
In Asia, the disruption to crude flows has translated quickly into downstream strain: independent researchers estimate that roughly 15 million barrels per day—about 20% of global crude—transit the Strait of Hormuz, and any prolonged stoppage has direct implications for refining runs, regional fuel supplies and freight costs tied to food distribution.
A Financial Times story said some members of the Group of Seven were considering releasing strategic oil reserves to ease pressure on markets; that account remained unconfirmed as of 10: 30 p. m. ET. If G7 members release strategic reserves, oil prices would be expected to ease.
